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The KRO Blog is where unrestricted content is posted such as Kaiser Watch, material produced by third parties such as the as Investing News Network, and Metal Investor Forum conference links.


Posted: May 8, 2024JK: Kaiser Watch May 8, 2024 with Jim Goddard and John Kaiser
Published: May 8, 2024KRO: Kaiser Watch May 8, 2024: Uranium, Gold and Phosphate at MIF
Kaiser Watch is a weekly audio show produced by KaiserResearch.com with Jim Goddard and John Kaiser discussing the junior resource sector. The show has three parts: the first is a general topic, the second discusses developments involving the KRO Favorites which as of January 1, 2022 are no longer exclusive to KRO members, and the third is a peek inside the members only KRO Bottom-Fish Workshop. KRO is transitioning into a Do-It-Yourself research platform that covers all Canadian and Australian resource listings and which also features a Bottom-Fish Workshop where John Kaiser highlights juniors with solvable "missing pieces". Companies that graduate from the Workshop may become part of the Annual Favorites collection whose profiles and related commentary are unrestricted for non-members. Visit the KRO Favorites Dashboard for quick access to all the unrestricted Favorites related content. KRO is not sponsored or compensated directly or indirectly by public companies. The business model is based solely on membership fees which have changed for 2024 as a transition to a $200 per month auto renewal program in 2025. During 2024 individuals can register for a KRO membership at a non-refundable price of $450 for a term that expires December 31, 2024. All active KRO members will be grandfathered to renew annually at $450 on Dec 31, 2024. Sign up here for this limited $450 offer. Kaiser Watch is available at Kaiser Research YouTube and as a Podcast downloadable from KaiserResearch.com. Each episode will be made available through the publication of a Kaiser Media Watch blog report which will provide links to specific questions and include supplementary graphics. All episodes will be archived at Kaiser Watch.

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Kaiser Watch May 8, 2024: Uranium, Gold and Phosphate at MIF
Jim (0:00:00): Why do you believe this is a pivotal year for CanAlaska Uranium?

CanAlaska Uranium Ltd, headed by CEO Cory Belyk and Exploration VP Nathan Bridge, has a potentially world class uranium discovery at the Pike zone of its West McArthur project on the eastern flank of Saskatchewan's Athabasca Basin. In mid 2022 CanAlaska intersected high grade basement hosted mineralization within the C10 South corridor, but efforts to find the unconformity through followup wedge drilling eluded the junior until Q1 of 2024 when hole 82-4 intersected McArthur River equivalent grades at the unconformity between basin sandstone and basement granite (up to 40.3% U3O8 over 4.7 m). Two more holes were drilled to establish local geometry and set the stage for delineation drilling in July 2024. The Pike zone is located at a depth of 800 m, with target mineralization expected within a 700-900 m depth range. CanAlaska currently owns 83.3% with partner Cameco diluting through non-contribution; the $7.5 million budget for West McArthur in 2024 out of $14 million working capital will further increase CanAlaska's stake. The goal is to outline a series of very high grade deposits along the C10 South Corridor at the unconformity like a string of pearls comparable to McArthur River's 1 million tonnes at 16% U3O8 representing 350 million lbs of uranium. CanAlaska is also a substantial landholder along the eastern flank of the Athabasca Basin well beyond the limits of the sandstone cover. Some of these projects are already farmed out while others are still available for farmout as interest in the Athabasca Basin heats up.

Canalaska Uranium Ltd (CVV-V)






Good Spec Value
West McArthur Canada - Saskatchewan 3-Discovery Delineation U

Plan and Section views of Pike zone at unconformity

What a McArthur River clone would be worth today
Jim (0:06:04): What do you believe Forum Energy Metals will accomplish this year?

Forum Energy Metals Corp, headed by CEO Rick Mazur and Exploration VP Rebecca Hunter, owns 100% of the Aberdeen uranium in Nunavut which surrounds the Kiggavik project controlled Orano, the French nuclear energy company. The Kiggavik project hosts three deposits containing 133 million lbs at an average grade of 0.54% U3O8. Orano spent over $150 million on Kiggavik taking it within striking range of a production certificate in 2011 which was conditional on a development timeline. In light of the uncertainty created by Fukushima Orano declined to agree to a specific timeline and the project has been on care and maintenance since then. Cameco held much of the ground now owned by Forum and discovered the Tatiggaq and Qavvik deposits but dropped its claims, allowing Forum to stake Aberdeen in 2022. The area is part of the Thelon Basin, sandstone covered granite similar in scale to the Athabasca Basin and host to the same style of unconformity associated deposits that can achieve very high grades. Aberdeen straddles sandstone and granite where the basin's sandstone has eroded away. Orano's deposits and Tatiggaq are basement hosted. The Main zone at Tatiggaq has a tonnage footprint of about 2.5 million tonnes at a depth of 80-180 m which at 0.5%-1.0% has a resource potential of 25-50 million lbs U3O8, too small for standalone development. Forum will start a 10,000 m drill program of 30-40 holes in June 2024 on targets revealed by an ANT survey at a similar depth along the same fault structure. The goal in 2024 is to scale up the tonnage potential of Aberdeen and the stage for delineation drilling in 2025. A part of the program is earmarked for the Ned and Bjorn gravity lows along a structure in the sandstone covered northern part of Aberdeen where the presence of the unconformity creates potential for much higher grade deposits. Forum also has substantial holdings in the Athabasca Basin, some of them 100% owned and farmout candidates. At $9.5 million working capital Forum is fully funded for its 2024 plans.

Forum Energy Metals Corp (FMC-V)






Bottom-Fish Spec Value
Abderdeen Canada - Nunavut 3-Discovery Delineation U

Relative locations of Athabasca and Thelon Basins

Unconformity-style associated uranium deposit model

Aberdeen Property Map

Plan View of Tatiggaq Target and ANT survey grid

Long Section of ANT targets relative to Tatiggaq Main zone

Targets to be tested by 2024 10,000 m drill program at Aberdeen
Jim (0:11:50): Why do you see West Vault Mining as a leveraged bet on the price of gold?

West Vault Mining Inc, headed by CEO Sandy McVey and Chairman Peter Palmedo, has positioned itself as a gold optionality play by completing a prefeasibility study and most of the permitting needed to develop the Hasbrouck and Three Hills gold deposits in Nevada to the southwest of Tonopah as open-pit heap leach operations. West Vault, which underwent a reorganization in 2020, has invested CAD $48 million to acquire and advance Hasbrouck project since 2014. The PFS updated in early 2023 indicates an after-tax NPV of USD $206 million at 5% and an IRR of 51.4% using a $1,790/oz base case price for gold that would yield 561,000 oz gold over 8 years from two nearby open pit mines. With CapEx at USD $66.2 million the project clears development hurdles but West Vault is in no hurry to put Hasbrouck into production. The stock offers good speculative value because the market is skeptical a producer would seek to acquire an asset that can produce only 71,000 ounces annually over a short mine life. However, Hasbrouck has resource expansion potential and would be the ideal starter mine for a producer seeking to consolidate and develop deposits in the Tonopah district. Although gold has hit $2,400, the market does not yet believe $2,000 is the new floor that will lead to a much higher real price as the conflict between Global East and West escalates. With $4 million working capital West Vault is in excellent position to wait for a buyout when a producer undertakes a district consolidation.

West Vault Mining Inc (WVM-V)





Favorite
Good Spec Value
Hasbrouck United States - Nevada 7-Permitting & Feasibility Au Ag

West Vault's Hasbrouck AT NPV (USD) at various gold prices

West Vault's Hasbrouck AT NPV per share (CAD) at various gold prices

Daily Change in GLD ETF gold ounce holdings
Jim (0:18:07): What is Nevada Organic Phosphate trying to accomplish?

Nevada Organic Phosphate Inc, headed by CEO Robin Dow, is waiting for the BLM to approve its Murdock Mountain phosphate lease applications in the northeastern corner of Nevada. Uplift of the Leach Mountain range has exposed a 2-4 m thick phosphorite bed that grades in the 10%-20% P2O5 range. These beds represent the western edge of the giant Western Phosphate Field from which 20%-35% beds in Idaho have been mined for the past century. The Murdock Mountain phosphorite has been historically ignored because its low grade cannot compete with the higher grade Idaho phosphorite which is chemically processed to make MAP and DAP phosphate fertilizer. The processing is necessary in order to reduce the heavy metal content below government limits, but this processing prevents MAP and DAP fertilizer from being classified as "organic". The growing interest in organic fertilizers has turned the Murdock Mountain phosphorite into a commercial opportunity because its heavy metal content is a tenth of the limit. The resource footprint potential is 100 million tonnes plus. The business strategy will be to underground mine the beds like a coal seam, grind up the phosphorite and ship a whole rock phosphate product to the organic fertilizer market. The next key steps are BLM approval of the leases expected this year, followed by drill confirmation of the bed's grade, continuity, and consistent low heavy metal content. Once a resource is established the goal is to secure a buyout by a major fertilizer company seeking what will be close to a unique supply of organic phosphate.

Nevada Organic Phosphate Inc (NOP-CSE)






Bottom-Fish Spec Value
Murdock Mtn United States - Nevada 3-Discovery Delineation P2O5

Relationship of Murdock Mtn to Western Phosphate Field

Deposit Model for Murdock Mtn phosphorite beds

Murdock Mtn heavy metal grades - the key to "organic"

Leach Mtn Range potential phosporite tonnage footprint

Proposed Drilling if initial phosphate leases are granted
Disclosure: JK owns shares in Nevada Organic; Canalaska and West Vault are Good Spec Value rated Favorites; Forum Energy and Nevada Organic are Bottom-Fish Spec Value rated

Posted: May 3, 2024JK: Kaiser Watch May 3, 2024 with Jim Goddard and John Kaiser
Published: May 3, 2024KRO: Kaiser Watch May 3, 2024: Solitario gets drill permit from USFS

 
 

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